DENNIS GARTMAN: Sarkozy Will Be 'Trampled By The Left'

French presidential elections have entered their final day of campaigning ahead of Sunday's vote.

The presidential elections generally take place over two rounds and latest polls show that President Sarkozy is catching up with the Socialist Party's candidate Francois Hollande. With neither likely to get an absolute majority in the first round, a second round of voting is expected on May 6.

Many are uncomfortable about the prospect of a Hollande win given his market-unfriendly pledges. And in his latest note Dennis Gartman, publisher of the Gartman Letter, says Hollande is likely to come out the winner:

"The latest polls have The President with the support of 27.5% of those intending to vote, while Mr. Hollande has the support of 29.5%, but that is within the margin of error and we’d not be surprised to see Sarkozy “lead” after this first round. That, however, shall be his last good news, for in the run-off Mr. Sarkozy will be trampled by the Left as supports from the National Front, who will join with Sarkozy’s other centre-right supporters, will be trumped handily by those on the Left.

Mr. Sarkozy spoke to supporters yesterday just outside of Paris, referring to the “Caviar Left” as his real opponents, and to the left- ward leaning media. He pins his 2nd round hopes on the fact that uncommonly large numbers of French voters this year are still “undecided.” However, history is not on the side of incumbents when it comes to “undecided” voters in the end. Sadly, this weekend’s vote may be Mr. Sarkozy’s last victory. We’ll miss his wife."